Min Hee Jin out as CEO of ADOR

[varioussaints]

ADOR Announces New CEO + Min Hee Jin States Decision Was Made Unilaterallyhttps://t.co/dIwZz7pBPY pic.twitter.com/R5BvJUSDwJ
- Soompi (@soompi) August 27, 2024

Min Hee Jin is out as CEO of ADOR. She will, however, stay on as an internal director and continue to manage NewJeans.

Comments

Re: Ariana DeBose

[bakemonos]

Usually CEOs can be ousted without their approval. I'd be curious what was different about this shareholder agreement... I see that it said a rep and not a lawyer. I love mess!

Re: Ariana DeBose

[varioussaints]

I didn't see this article earlier, but according to allkpop:

According to a report from SPOTV News on August 27, HYBE notified Min Hee Jin of the termination of their shareholder agreement in July. As a result, Min's rights to exercise the put option, which was valued at approximately $75 million, have been nullified.

The shareholder agreement between HYBE and Min Hee Jin included terms that guaranteed Min's tenure and provided her with a put option (the right to sell shares). Under the agreement, HYBE was required to exercise its voting rights to maintain Min's position as CEO and internal director of ADOR until November 2026, unless the agreement was terminated. Min, in turn, was entitled to request that HYBE purchase 75% of her ADOR shares in one transaction at any time between three and ten years after ADOR's establishment.

However, with the termination of the agreement, Min has lost both the protection of her CEO status and the valuable put option.

Re: Ariana DeBose

[bakemonos]

Daaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaamn.

Re: Ariana DeBose

[mspopstar]

It's minimum wage time for ha!

Re: Ariana DeBose

[fantastiche]

This is what drives me nuts about the whole drama and the ridiculous fan wars surrounding it. For HYBE it has never been about ANYTHING but trying to stop her from getting that money. I doubt this is the last we have heard from her on this issue as the legalities of what HYBE has done are questionable, at best.